Missed payments on Credit Report

michaelaj23

Hi,

I have missed a few payments over the past 2 years. They are affecting my credit rating as when I check Equifax it shows im a few points from being rated "good" I am trying to get to Excellent for applying for a mortgage.

How long will these stay on to affect my rating? Everything else on my report is sitting at "good" or "excellent".

Balances are mostly cleared off from cards and direct debits set up to prevent this happening to any other cards. I am still using some to show I can actively pay off credit.

Can anyone help me?

Michaela

RichL74

They will stay on for 6 years from the month(s) you missed the payments.

michaelaj23

Sorry, let me rephrase my question. I know they will stay on my credit rating for 6 years. However, will it be the full 6 years before my credit rating increases?

I have about a year to increase my credit rating and I want to get this as far up as possible. I do not plan to miss any more payments.

TadleyBaggie

You'd have ask that question to whatever organisation is generating the credit rating, the method to generate a credit rating/score is proprietry and unique to each organisation.

exel1966

As a general rule of thumb creditors pay closer interest to the most recent 24months, though they obviously look at all the information provided by the CRA's.

Experian_company_representative

That's right. As a general rule, the effect of any adverse information on your credit report will reduce over time. But exactly how that works will depend on the scorecard the particular lender is using. Most will certainly focus on your most recent credit behaviour, so your objective should be to do what you can to overshadow any historical late payments with more recent positive data.

James Jones